WHAT IS ESCROW?
An escrow is a third person used in a financial arrangement for holding payment while in a transaction.
WHILE WE NEED AN ESCROW IN THE BITCOIN EXCHANGE PLATFORM?
In bitcoin exchange industries, they transact a large amount of money to seller from buyer accepting some term or condition in the bitcoin exchange website.
While the is a problem in the transaction within a period of time. The escrow will take a responsibility to complete the transact without any pitfalls.
Eg: If you trade in localbitcoins the new user will be registered on the website. The new user is seller he/she must deposit their bitcoin in an escrow wallet. After receiving payment from the buyer, the seller can click release button automatically the bitcoin will be sent to the buyer wallet the whole process will take in 1 hour.
When the buyer does not receive bitcoin in his wallet.He/she can raise dispute resolution to call the escrow to solve the problem between buyer and seller.
Now, you understand the value of the escrow in bitcoin exchange platform.
ARE YOU PLANNING TO START AN ESCROW TRADING BUSINESS?
Escrow trading business is a trend in the crypto marketplace. If you can choose a bitcoin exchange platform or crypto exchange platform, altcoin exchange, etc the will be escrow.
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